(Reuters) -Manufacturing big 3M stated on Wednesday Chief Monetary Officer Monish Patolawala would go away the corporate on the finish of the month, forward of his transfer to Archer-Daniels-Midland because the grain dealer’s new finance chief.
Patolawala’s appointment at ADM will likely be efficient August 1, the corporate stated on Wednesday. He’ll succeed ADM’s interim CFO Ismael Roig, who has been serving in his position since January 2024.
In March, ADM had corrected six years of monetary information after an inner investigation discovered some gross sales between enterprise models throughout the firm weren’t recorded correctly. ADM stated it had overstated annual working revenue within the Vitamin phase by as a lot as 9.2%.
3M shares have been up marginally in morning commerce. Its inventory has fallen about 23% since Patolawala assumed workplace on July 1, 2020, as the corporate struggled with a stoop in demand for electronics.
3M rolled out a significant restructuring final 12 months that features slicing hundreds of jobs and the spin off of its healthcare enterprise right into a listed firm, to mitigate the slowdown in demand.